So, you’ve decided to take a leap of faith and start your own business..
Confused about what you need to do next to get the ball rolling?
Below is a quick list of some of the key considerations to help you get started.
Do I need to register for an ABN or GST?
If you’re carrying on a business or you intend to register for Goods and Services Tax (GST), you may need to apply for an ABN.
Sole traders can use their existing personal TFN when in business, but partnerships, trusts and companies will need their own.
If you have or expect to have GST turnover of $75,000 or more you must register for GST.
What are the requirements around registering a business name?
You do not need to register a business name if the entity is:
(a) an individual and the business name is the individual’s name (eg. Tom Jones);
(b) a registered company and the business name is the company’s name (eg. XYZ Pty Ltd); or
(c) a partnership and the business name consists of all of the partners’ names (eg. John Doe & Tom Jones).
If your proposed name already exists or is similar to a currently registered name, your application may be rejected.
You should check whether anyone else is using a trade mark, brand or logo that is identical or similar to your proposed business name.
How about tax obligations? Where do I start..
Understanding taxes and meeting your taxation obligations can save you time and money. By paying the right amount of tax, you can also avoid late payment penalties. You should plan your tax obligations in advance with the help of your accountant or business advisor.
Under tax law, you must keep records for income tax, Goods and Services Tax (GST), payments to employees and other business payments for five years.
Standards & codes of practice.. These can be your best friend in business
Best practice is one way you can help your new business to stand out from the crowd. You can achieve best practice by following mandatory and voluntary standards and codes of practice.
These standards can be found in the Competition and Consumer Act 2010 (formerly known as the Trade Practices Act 1974), which is enforced by the Australian Competition and Consumer Commission (ACCC).
The above information is intended as a guide only to provide a quick overview of some of the general information relating to starting a business.
Please contact Tardrew Partners to obtain advice tailored to your individual circumstances.